Seagate profit falls 27 pct

Mon Oct 28, 2013 4:24pm EDT

Oct 28 (Reuters) - Hard disk drive maker Seagate Technology Plc reported a 27 percent drop in quarterly profit as falling personal computer sales hurt revenue.

Net income fell to $427 million, or $1.16 per share, in the first quarter, from $582 million, or $1.42 per share, a year earlier. Excluding items, the company earned $1.29 per share.

Revenue fell 6 percent to $3.49 billion.

The company, which competes with Western Digital Corp and Toshiba Corp, increased its quarterly cash dividend by 5 cents to 43 cents per share payable on Nov. 26.